CARS24 reveals $10mn ESOP Buyback Option for Current & Former Employees

CARS24 reveals $10mn ESOP Buyback Option for Current & Former Employees

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One of the world’s leading eCommerce platforms for pre-owned cars, CARS24 has revealed its $10 million worth annual ESOP (employee stock ownership plan) buyback plans for both existing and former employees for the fifth year in a row.

With the latest revelation, the total value of ESOP buybacks declared by CARS24 to date will be at $15 million.

Ruchit Agarwal

Co-Founder & CFO

CARS24 “This announcement demonstrates our confidence in our business and the growth we are witnessing. Our annual ESOP buyback plan is an extension of our appreciation for our employees. We want to recognize and reward them for their determination and drive to achieve the unthinkable by solving unique problems each day that haven’t been solved before with respect to the used car market. For start-ups, Esops are a great way of attracting and retaining talent.”

Earlier in December 2021, CARS24 raised $400 million in a funding round led by Alpha Wave Global. This included a $100 million debt component, sourced from investors such as the Commercial Bank of Dubai and IFM Investors in Australia.

The firm has reportedly used the capital for large-scale renewal labs across the country to improve the quality of cars before selling them to customers.

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